SEOUL, South Korea: South Korea’s Industry Minister, Kim Jung-kwan, said today (Jan 31) that he thinks “unnecessary misunderstandings” were resolved through his talks with United States (US) Commerce Secretary, Howard Lutnick, in Washington over renewed trade tensions this week, Yonhap News Agency reported.
Kim made the remark upon his return home at Incheon International Airport in Incheon, west of Seoul, after holding meetings at the Commerce Department on Thursday and Friday (US time), which ended without reaching a conclusion.
“Our mutual understanding has deepened significantly,” Kim said. “I believe some unnecessary misunderstandings have been resolved.”
Kim’s trip came after US President Donald Trump threatened Monday to raise “reciprocal” tariffs and auto duties on South Korea to 25 per cent from 15 per cent, citing delays in the Asian country’s legislative process supporting the implementation of a bilateral trade deal.
Last year, the two countries agreed on a trade deal under which South Korea would invest USD350 billion (RM1.39 trillion) in the US in return for a cut in tariff rates.
The ruling Democratic Party submitted a bill to Parliament in November to implement the bilateral trade and investment deal, which has yet to be passed.
“We have sufficiently explained that the South Korean Government has no intention at all not to implement the tariff agreement (reached then) nor delay it,” Kim said.
The industry minister noted that the special bill is expected to be processed quickly and explained the background of the delay to the US side. – BERNAMA-YONHAP
